RE: Oil rising fast6 Jun 2018 08:38
WASHINGTON (Alliance News) - Crude oil futures rebounded Tuesday amid bargain hunting after steep recent losses.
WTI light sweet crude oil was up 74 cents at USD65.49 a barrel, after hitting a 2-month low.
Traders await US energy inventories data for clues about whether the shale boom will continue into the summer.
The American Petroleum Institute releases its figures this afternoon, followed tomorrow morning by the Energy Information Administration.
Activity in the US service sector grew at a faster than expected rate in the month of May, according to a report released by the Institute for Supply Management on Tuesday.
The ISM said its non-manufacturing index climbed to 58.6 in May from 56.8 in April, with a reading above 50 indicating growth in the service sector. Economists had expected the index to rise to 57.5.